Cement News tagged under: City Cement
City Cement sets up AF joint venture12 September 2023, Published under Cement NewsSaudi Arabia-based City Cement Co has announced that its subsidiary Green Solutions for Environmental Services has set up a joint venture to produce alternative fuel from waste, reports Zawya. The newly-created venture, which reportedly has capital of SAR6.77m (US$1.8m), is owned by Green Solutions (29.4 per cent), Lechtenberg Middle East for Environmental Services Co (19.6 per cent), and Tadweer Environmental Services Company (51 per cent), a unit of Public Investment Fund-backed Saud... |
City Cement revenue falls 13% YoY in 2Q2315 August 2023, Published under Cement NewsSaudi Arabia’s City Cement has posted revenue of SAR77.8m in the second quarter of 2023, down 13 per cent YoY. Net income over the same period fell 2.2 per cent to SAR24.3m, while the profit margin came in at 31 per cent, up from the 28 per cent seen in the second quarter of 2022. The increase in margin was reportedly driven by lower expenses. Earnings per share in the 2Q23 stood at SAR0.17, down slightly from SAR0.18 in the 2Q22. According to the company, revenue is expected to advance ... |
City Cement reports drop in net profit in 202221 March 2023, Published under Cement NewsSales of Saudi-Arabia-based City Cement saw a 13.1 per cent fall to SAR431.4m (US$115m) in 2022 from SAR496.7m in 2021, reports Reuters. Net profit after zakat and tax was down 28.3 per cent YoY to SAR115m from SAR160.3m in 2021. City Cement operates a 5.28Mta integrated cement plant at Marat , northwest of Riyadh in central Saudi Arabia. |
City Cement posts 26% drop in 2Q sales11 August 2022, Published under Cement NewsSaudi Arabia-based City Cement Co saw a 50.1 per cent drop in net profit after zakat and tax to SAR24.8m US$6.61m) in the second quarter of 2022. In the 2Q21 net profit after zakat and tax stood at SAR49.7m. The company reported sales of SAR89.2m in the 2Q22, down 25.5 per cent from SAR119.8m in the 2Q21. The company attributes the decrease to reduced sales volumes and values. |
Two Saudi cement firms report declining 1H22 profits10 August 2022, Published under Cement NewsTwo cement companies have posted their interim financial results at the Saudi Stock Exchange (Tadawul) for the period ending on 30 June 2022, showing lesser earnings during this period. City Cement Co and Arabian Cement Co reported lower profits during the 1H22, continuing the trend of declining cement sector profits. The City Cement Co reported SAR42m (US$11.2m) in profit for the first half compared to SAR115.72m, down 63.71 per cent from the same period in 2021. Its revenues fell b... |
City Cement sees 26% fall in profit02 November 2021, Published under Cement NewsSaudi Arabia's City Cement has posted a 25.6 per cent YoY decline in net profit to SAR38m (US$10.13m) in the quarter ending 30 September 2021, compared with SAR51.1m in the year-ago period. Sales also fell 20.6 per cent to SAR111.6m from SAR140.6m in the 3Q20. |
City Cement announces 16% increase in net profit02 March 2021, Published under Cement NewsSaudi Arabia’s City Cement has seen a 16 per cent YoY increase in net profit to SAR220.5m (US$58.8m) in 2020, compared with SAR190.1m a year earlier. The company’s revenue also rose 7.7 per cent YoY to SAR572.3m. The rise in annual profit was mainly due to higher sales value and volumes, alongside lower Zakat and general and administrative expenses, according to a bourse disclosure. |
City Cement reports 12% increase in net profit07 August 2020, Published under Cement NewsSaudi Arabia’s City Cement saw a 12.2 per cent rise in net profit to SAR36.2m (US$9.65m) in the second quarter of 2020, compared with SAR32.25m in the corresponding period of last year. The higher profits have been attributed to a growth in sales and other revenues, alongside a decline in costs. The company also reported a 44.8 per cent increase in net profit after zakat to SAR106.66m for the 1H20, against SAR73.67m in the first half of 2019. |
City Cement reports 61% rise in profit16 March 2020, Published under Cement NewsSaudi Arabia’s City Cement has reported a 61 per cent YoY increase in net profit to SAR180.9m (US$48.2m) in 2019, rising from SAR112.3m in the previous year. The company’s total sales also advanced 54.1 per cent to SAR531.4m from SAR344.9m. |
City Cement profit fall 57% in 201720 February 2018, Published under Cement NewsSaudi-Arabia-based City Cement reported a 56.9 per cent YoY drop in net profits for 2017 to SAR93.3m (US$24.9m). In 2016 net profits reached SAR216.3m, but a 48 per cent fall in net profits in 4Q17 put pressure on last year’s results. Net profits during the last quarter of 2017 decreased to SAR23.9m from SAR45.9m a year earlier. The cement producer attributed the decline in profits to a drop in sales as well as higher production costs. City Cement’s sales fell 11 per cent to SAR53... |
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